Lilongwe City Mayor Desmond Bikoko has hailed Old Mutual for the newly launched two products ,Timba Family plan and Tsongolo Saving plan on the market designed to meet the needs of Malawians.
Speaking during the official launch of the products, Bikoko said the introduction of the two policies will enhance the saving culture amongst many Malawians.
“I should commend Od Mutual for introducing Timba Family Plan and Tsongolo Savingpolicies that will benefit people of all income levels. If people can have that saving culture, lives in our communities will be transformed,” Bikoko said.
Old Mutual Malawi group chief executive officer Edith Jiya said the two products are aimed at instilling a saving culture to ensure that Malawians live a better life and have something to rely on in case of emergencies such as death of loved ones
“Each plan has a long-term pocket and a short-term pocket which allows the policy holder to build up funds for their future financial goals, as well as giving access to your money. It caters for both long-term financial goals and also provide easier access to your money if you need it,” said Jiya
Jiya added ,“Family Plan offers you peace of mind knowing that you, your spouse and unlimited number of children will be laid to rest with dignity and reverence by just paying a single monthly premium. This removes worries about an affordable and dignified funeral plan for your family.”
On other hand Jiya said Tsongolo Saving plan is there to encourage a saving culture among the average Malawian and realise their dreams.
“Saving is usually attributed only to the rich, but Old mutual is here to change this mindset and show that even with the little that we have we can build something big and realize our dreams ,” she said
The Timba family plan is a life Insurance that provides you and your registered family members with funeral cover ranging from 150,000 to K1, 500,000.
Tsongolo Savings Plan offers two savings pockets as part of one Plan, with a single monthly premium. It has both the long pocket and a short term pocket.
To register for Timba family plan you must be between 18 and 65 years and one must pay a monthly premium of K1755.00 and for Tsongolo Savings plan the monthly premium is K 5000.